One of the worst financial crisis since the Great Depression occurred during the Obama administration due to banks issuing risky loans such as sub-prime mortgages but it appears Biden never learned a lesson.
The Biden administration is now threatening banks with investigations if they refuse to not grant risky loans to illegal immigrants.
The Biden backed DOJ and Consumer Financial Protection Bureau released a recent statement declaring banks issuing credit cards and various other loans cannot deny an applicant because they are a noncitizen.
The agencies stated the reason why they are issuing a warning to banks is because consumers have reported being rejected for credit cards as well as for auto, student, personal and equipment loans because of their immigration status.
Biden administration threatening banks that won’t give out loans to illegals. https://t.co/EkAX0OZqjQ
— Daily Caller (@DailyCaller) October 16, 2023
Biden Admin Orders Banks Not to Reject Illegal Immigrants' Loan Applications
Two federal agencies have warned financial institutions not to reject illegal immigrants' credit applications based solely or mostly on citizenship status.https://t.co/VVBdYKlywR
— The Epoch Times (@EpochTimes) October 16, 2023
Per Epoch Times:
The Biden administration has warned U.S. banks and other financial institutions that they can’t reject illegal immigrants’ credit applications brd solely or predominantly on their immigration status.
The Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) said in a recent statement that rejecting illegal immigrants for credit cards and various types of loans just because they are noncitizens is unlawful.
The two agencies stated that they were issuing the warning “because consumers have reported being rejected for credit cards as well as for auto, student, personal and equipment loans because of their immigration status, even when they have strong credit histories and ties to the United States and are otherwise qualified to receive the loans.”
Specifically, the agencies cited the provisions of the Equal Credit Opportunity Act (ECOA), which protects credit applicants from discrimination brd on such characteristics as race, religion, sexual orientation, and national origin.
The agencies argue that protections afforded by ECOA and other laws extend to alienage, so banks that have blanket policies to deny loans to illegal immigrants may be breaking the law.
Biden orders banks to not refuse illegal immigrants’ loan applications.
— AF Post (@AFpost) October 16, 2023
Here’s what Breitbart reported:
President Joe Biden’s agencies are threatening banks with federal investigations if they do not grant cheap loans to risky illegal migrants.
The loans-for-migrants push is yet another effort by pro-migration lobbies to shoehorn wage-cutting, rent-spiking illegals into Americans’ fractured society. That multi-angled push benefits migrants and investors — but inflicts vast civic and economic damage to ordinary Americans.
The agency threats were posted on October 12 by Biden’s pro-migration radicals at multiple government agencies.
“This guidance reminds lenders that denying someone access to credit based solely on their actual or perceived immigrant status may [emphasis added] violate federal law,” said a statement by Kristen Clarke, Biden’s chief of the Justice Department’s civic regulation division. Her use of “may” shows she has no proof of such illegalities by the banks.
The government “will not allow companies to use immigration status as an excuse for illegal discrimination,” said Rohit Chopra, director of the semi-independent Consumer Financial Protection Bureau. However, his statement does not provide any evidence that banks are justifying illegal discrimination by treating legitimate customers as illegal immigrants.
This user on X is asking the right question:
Is the current administration destroying the economy on purpose? https://t.co/0R5Uwj73wL
— 4thGenTexan2 (@4th_GenTexan2) October 15, 2023